Wednesday, January 14, 2009

Canadian Government Promises Nortel Aid. Wait, What?

This just in, from the Department of "Are You Fucking Kidding Me?"

Yahoo!: Canadian government to aid Nortel after bankruptcy filing

Canadian government Wednesday offered aid to Nortel Networks after the telecom giant filed for bankruptcy protection in the Canada and the US.
"The government of Canada appreciates the importance of the telecommunications industry to our economy and will continue to work with Nortel during its restructuring through Export Development Canada (EDC)," Industry Minister Tony Clement said in a statement.
The EDC agreed to provide up to 30 million Canadian dollars (24 million US) in short-term financing and is open to discussing with Nortel financing with other financial institutions, he said.

Somebody, anybody, please tell me where the sense is in this announcement. Even as an empty promise intended to curry favor with the electorate, it just doesn't work.

This bailout nonsense has long since jumped the shark. Rest assured, we here at the global headquarters of Lee Distad's Professional Opinion fully intend to belly up to the public trough make our case to the legislators that the blogging industry, and ourselves in particular, need a multi-billion dollar federal bailout.

Sphere: Related Content


Anonymous said...

If you intend to apply, I would recommend you quickly move your world headquarters to Ottawa, more specifically to Baird's riding. Nortel may not have planned much well, but did manage that.

Anonymous said...

In response to the Globe & Mail question of whether the federal government should bail out Nortel, the responses right now do not support government intervention: 88% No (9128 votes) versus 12% Yes (1288 votes).